BRITISH COLUMBIA (NEWS 1130) – Days after the provincial government approved a controversial 4.5 per cent hike for renters, we’re being told that might change later this week.
The Ministry of Municipal Affairs and Housing has confirmed a Rental Housing Task Force that’s been gathering feedback on proposed improvements to the Residential Tenancy Act is ready to release recommendations.
Last week in Whistler, Premier John Horgan suggested the formula used to calculate the annual maximum rent hike will probably change.
Ministry staff are now promising “swift action” aimed at making “life more affordable for all British Columbians.”
WATCH: Rage Over Rental Hikes At Vancouver Rally
Average rent for one-bedroom in Vancouver hovers around $2,000 a month, according to rental site PadMapper, which tracks prices. A 4.5 per cent increase would work out to an extra $80 a month, a total of $1,080 extra a year for renters.
The B.C. Liberals introduced the formula that determines how much rent can be increased in 2004. Earlier this month the party called on the province to re-think the formula.
-With files from Alison Bailey and Martin Macmahon